China - Economic Data & News 08 (Apr 12 - Feb 13)

China - Economic Data & News 08 (Apr 12 - Feb 13)

Postby winston » Tue Apr 17, 2012 8:25 pm

China detains 22 in toxic medicine scandal

Chinese police have detained 22 people for making drug capsules using a toxic raw material produced from scrap leather, state media said, in the latest in a string of product safety scandals.

Police in the eastern province of Zhejiang found the suspects allegedly made and sold capsules with excessive levels of chromium after using industrial gelatin made from discarded leather, the Xinhua News agency said late Monday.

Chromium, which has several industrial uses including leather tanning, can cause cancer.

China has been hit by a series of product safety scandals, often involving food or pharmaceuticals, despite government pledges to improve supervision, and public outrage over lax controls and official corruption is on the increase.

According to Xinhua, at least half of the people detained worked for capsule makers in Zhejiang's Xinchang county, a major production base.

Police and government departments of Zhejiang and Xinchang county were not immediately available for comment.

According to the report, the industrial gelatin used to make the capsules came from other factories in the northern province of Hebei and the eastern province of Jiangxi.

In another twist to the scandal, police also detained a factory owner in Hebei for allegedly setting fire to his own plant , to destroy evidence of making industrial gelatin, Xinhua said in a separate report Tuesday.

Song Xunjie, manager of the Xueyang Glair Gelatin Factory, is said to be a supplier to companies across the country, it added.

The government's State Food and Drug Administration (SFDA), the industry regulator, on Sunday also suspended sales of 13 types of drugs confirmed to have excessive levels of chromium.

The case is the latest in a long series of product safety scandals.

In November last year, authorities busted a gang that produced and sold fake medicine -- some made of animal feed -- arresting 114 suspects and seizing more than 65 million counterfeit tablets.

And Zheng Xiaoyu, former head of the SFDA, was executed in 2007 for accepting $850,000 in bribes in exchange for granting approval for hundreds of medicines, some later found to be dangerous.


Source:AFP Asian Edition
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Re: China - Economic Data & News 07 (Oct 11 - Apr 12)

Postby winston » Fri Apr 20, 2012 6:35 am

Two sets of rules: one for the elite, one for everyone else by Simon Black

One of the defining characteristics of EVERY boom is the presence of a small elite seeking to enrich itself through graft, corruption, and unethical behavior.

When the music stops and the boom busts, these same people are frequently put to the sword of public opinion. Think Bernie Madoff, Ken Lay, and Silvio Berlusconi.

The Chinese economic “miracle” of the past three decades will prove to be NO EXCEPTION.

http://www.sovereignman.com/expat/two-s ... ?a_aid=CRX
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Re: China - Economic Data & News 07 (Oct 11 - Apr 12)

Postby winston » Mon Apr 23, 2012 11:44 am

DJ MARKET TALK: China PMI Rise Shows Economy Bottomed-Out In 1Q-ANZ

0331 GMT [Dow Jones] The rise in HSBC's preliminary April China PMI shows the Chinese economy had bottomed-out in the first quarter, according to ANZ economist Zhou Hao.

"If you look at the breakdown, there's a big improvement in export orders in April...basically I think that we will see around 10% to 12% export growth in April," he says.

But he adds, improving outlook does not mean the PBOC will not take further loosening measures, and tips a cut in the reserve requirement ratio in May.

Source: Dow Jones Newswire
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Re: China - Economic Data & News 07 (Oct 11 - Apr 12)

Postby winston » Mon Apr 23, 2012 5:42 pm

Bo Xilai Clan Links Included Citigroup Hiring of Elder Son

While the accumulation of influence is commonplace among relatives of politicians worldwide, the Bo family fortune of at least $136 million may fuel perceptions of corruption in the Communist Party and deepen social tensions over China’s widening wealth gap.


Two of Gu Kailai’s four sisters had at least a combined $126 million in disclosed share holdings and proceeds from real-estate investments, Bloomberg News reported on April 14.


Chinese legislators have amassed outsized assets, with the wealth of the richest 70 members of the National People’s Congress amounting to $90 billion last year, 12 times the combined wealth of the 660 top officials in the U.S. government, Bloomberg News reported Feb. 27.


http://www.bloomberg.com/news/2012-04-2 ... r-son.html
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Re: China - Economic Data & News 07 (Oct 11 - Apr 12)

Postby kennynah » Mon Apr 23, 2012 7:24 pm

:shock: :shock:

Chinese legislators have amassed outsized assets, with the wealth of the richest 70 members of the National People’s Congress amounting to $90 billion last year
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Re: China - Economic Data & News 07 (Oct 11 - Apr 12)

Postby winston » Tue Apr 24, 2012 1:55 pm

vested in A50

DJ MARKET TALK: China New Delisting Rules May Aid Blue-Chips-Bosera

0501 GMT [Dow Jones] The rollout of new delisting rules for start-up companies listed on the ChiNext board is another step taken by the securities regulator to rein in speculative investment and direct funds to blue-chip companies, says Deng Xiaofeng, fund manager at Bosera Asset Management Co.

The Shenzhen Stock Exchange, the smaller of China's two bourses, Friday amended its delisting rules for start-up firms, tightening the criteria for these companies to continue to be traded on the ChiNext board.

The move raised concerns about growing delisting risks faced by listed companies, especially small and medium-sized firms that are more vulnerable to China's economic slowdown.

The benchmark Shanghai Composite Index has lost 2% so far this week.

"The market's trend will hinge on blue chip financial companies," says Deng, adding that the insurance sector has room to grow while financial companies with low valuations deserve more attention from investors.

Source: Dow Jones Newswire
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Re: China - Economic Data & News 07 (Oct 11 - Apr 12)

Postby winston » Wed Apr 25, 2012 8:53 am

South Carolina is the China of America by Joshua M Brown

LOL, I don't know, sorry, been a long day and I'm not getting enough servings of carbs on this new Paleo thing I'm doing....

But this was kind of interesting on how American companies are finding better manufacturing locales than China here in the States:

“Ten years ago, everyone thought Mexico would be the place for expansion,” says Pete Selleck, who heads Michelin’s North American operations. “But we can’t tolerate the level of instability there.”

As for China, labor costs are rising quickly, he says, and “there’s still concern about protecting intellectual property.”

A new survey of 106 big U.S. manufacturers by the Boston Consulting Group, to be released Friday, picked up a similar sentiment.

Thirty-seven percent of the companies said they plan to bring production back to the U.S. from China, or are actively considering it.

Seventy percent said sourcing in China is more costly than it looks on paper.

BCG also sees some additional interest in the U.S. from manufacturers in Europe. It says they are attracted to higher productivity here and a cheap U.S. dollar.

http://www.thereformedbroker.com/2012/0 ... f-america/
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Re: China - Economic Data & News 07 (Oct 11 - Apr 12)

Postby winston » Fri Apr 27, 2012 6:10 am

'Spying' on Hu hastened Bo fall

A wiretapping network run by Chongqing officials was detected on a phone call made to President Hu Jintao in August, a discovery that helped topple the city's ambitious party chief Bo Xilai, the New York Times reported.

http://www.thestandard.com.hk/news_deta ... 20427&fc=8
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Re: China - Economic Data & News 07 (Oct 11 - Apr 12)

Postby iam802 » Fri Apr 27, 2012 1:29 pm

---
http://english.caijing.com.cn/2012-04-27/111830420.html

Shares of People's Daily Online, the online news portal of China's state-own newspaper, were halted trading Friday on its first day on investors confidence.

People's Daily Online opened 55% higher than its offering price before it was halted when the stock rose by the 10% daily limit to RMB34.1.

The company set its offering price at RMB20, planning to raise RMB 1.34 billion with 69 million shares.

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Re: China - Economic Data & News 07 (Oct 11 - Apr 12)

Postby winston » Fri Apr 27, 2012 6:47 pm

Blind Chinese Dissident Flees House Arrest for Safety in Beijing

Blind legal activist Chen Guangcheng escaped house arrest in eastern China and is now safe at an undisclosed location in Beijing, a U.S.-based rights group said in a statement.

Chen escaped earlier this week from his home in Shandong province where he has been under house arrest since being released from prison in Sept. 2010, Midland, Texas-based ChinaAid reported on its website. The group said there is speculation he is in the U.S. Embassy in Beijing.

http://www.bloomberg.com/news/2012-04-2 ... -says.html
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